Back
17 Sep 2013
Metals shadowed on 48-hour countdown
FXstreet.com (Chicago) – Monday’s headlines were soaked with Larry Summers’s decision to withdraw from the pool of candidates to replace Bernanke next January 2014. A peaceful conflict resolution between Russia and the US despite the UN evidence of chemical usage, contributed to the deflation of risk aversion among market participants who now wait for one of the most important meetings in the US for years.
48 hours countdown, Summers, Syria
Now that Larry Summers is out, speculators offer bets and call on possible candidates that could replace Ben Bernanke as the Chairman of the US Federal Reserve. At tensed times, market participants weigh on the potential tapering by the Fed this week after this incoming Wednesday meeting conclusions. The performance of the greenback is, in a way, attached to the decisive determinations and outlook on the US economy.While Obama considers options, facts indicate a weak dollar (NY Empire State manufacturing index down to 6.29 vs. past 8.24) and expectant market participants fueling equity markets up with most equity markets printing wins on the start of the week. Moreover, war tensions were relieved after the US and Russia agreed on a peaceful conflict resolution despite the UN’s clear evidence that chemical weapons were used in Syria by Assad’s government.
Metals recap
Gold dropped to $1,310.30 lows at the closing of the American trading session and now trades at $1,310.40 after retracing from $1,313.60 highs to accumulate 0.56% losses so far. Silver, offered at $21.78, retraced from $21.84 highs and bounced off $21.76 bottoms to register 1.04% daily losses so far. Platinum followed the rhythm and decreased 0.41% to now trade at $1,435.30 with lows at $1,435.30 and highs at $1,438.70. Copper, down 0.23%, trades at $3.2145 and prints lows at $3.2135 and highs at $3.2175 while palladium registers 0.16% losses and is offered at $704.95, session highs, after bouncing off $704.90 lows.
48 hours countdown, Summers, Syria
Now that Larry Summers is out, speculators offer bets and call on possible candidates that could replace Ben Bernanke as the Chairman of the US Federal Reserve. At tensed times, market participants weigh on the potential tapering by the Fed this week after this incoming Wednesday meeting conclusions. The performance of the greenback is, in a way, attached to the decisive determinations and outlook on the US economy.While Obama considers options, facts indicate a weak dollar (NY Empire State manufacturing index down to 6.29 vs. past 8.24) and expectant market participants fueling equity markets up with most equity markets printing wins on the start of the week. Moreover, war tensions were relieved after the US and Russia agreed on a peaceful conflict resolution despite the UN’s clear evidence that chemical weapons were used in Syria by Assad’s government.
Metals recap
Gold dropped to $1,310.30 lows at the closing of the American trading session and now trades at $1,310.40 after retracing from $1,313.60 highs to accumulate 0.56% losses so far. Silver, offered at $21.78, retraced from $21.84 highs and bounced off $21.76 bottoms to register 1.04% daily losses so far. Platinum followed the rhythm and decreased 0.41% to now trade at $1,435.30 with lows at $1,435.30 and highs at $1,438.70. Copper, down 0.23%, trades at $3.2145 and prints lows at $3.2135 and highs at $3.2175 while palladium registers 0.16% losses and is offered at $704.95, session highs, after bouncing off $704.90 lows.